Brexit hit: City of London suffers £2.3 trillion derivatives loss in a single month May 11, 2021 The City of London suffered a loss of £2.3 trillion in a single month in its lucrative derivatives trading market, with Wall Street trading platforms the ones that benefitted. U.S. swap-execution facilities pulled in more trades across euros, pounds and dollars in March while London experienced an exodus compared to last July, while venues in [...]
Collision of Covid-19 and Brexit fuels a £700bn blow to economic output May 11, 2021 The UK economy has been forecast to suffer an over £700bn blow to output due to the collision of Covid-19 and Brexit, the National Institute of Economic and Social Research warned today. The bruising figure was made worse by the government’s “poor Covid-19 response”, the think tank said, adding that it has left the UK [...]
British gunboats will continue to patrol Jersey as French fishing boats leave May 6, 2021 Two British naval ships will remain off the coast of Jersey and patrol the waters, after a flotilla of 60 French fishing boats ended their protest this afternoon. Two armed Royal Navy boats, the HMS Tamar and HMS Severn, were sent by Boris Johnson last night to patrol waters around Jersey amid a protest by French [...]
UK to scrap EU rule giving choice of clearer in derivatives May 5, 2021 Britain will scrap a rule inherited from the European Union that aimed to open the listed derivatives market to more competition, saying it was not appropriate to implement alone. The UK had championed the open access rule, which allows buyers and sellers of derivatives listed on exchanges across the EU to choose where they clear [...]
Brussels recommends member states block UK from Lugano Convention May 4, 2021 The EU Commission has recommended that the EU does not give consent for the UK to join the Lugano Convention, an international legal pact. In an update today, the EU Commission said the Convention was designed to support third countries with particularly close regulatory integration with the EU, including being aligned with part of the [...]
Joachim Klement, CFA: Three Geo-Economics trends to watch May 4, 2021 | City Talk “Today’s investors need to understand geopolitical trends as a main driving force of markets.” Joachim Klement, CFA Joachim Klement, CFA, has emerged over the last decade as one of the more insightful and compelling voices in finance. Well-reasoned, rigorous, humorous, and occasionally iconoclastic, his perspective, featured either on the Enterprising Investor Blog or on his [...]
UK and India free trade deal talks to start in autumn, says minister May 4, 2021 The UK and India will begin talks over a full free trade deal in the autumn that will “double” trade between the two countries, trade minister Liz Truss has said. Truss told BBC Radio 4’s Today programme that Britain wanted to see India’s tariffs on imported cars and whiskey reduced or removed as part of [...]
Pandemic legacy: This is just the beginning for online shopping as sector sees five years of growth in 12 months April 27, 2021 The vast majority of UK consumers who bought online for the first time during the pandemic will continue to buy online, despite the High Street having reopened earlier this month. The pandemic is the main reason for this shift, with 56 per cent of clothes shoppers telling digital marketing agency MullenLowe Profero they bought more [...]
France threatens to block City of London from EU if UK does not open up its fishing waters April 27, 2021 France has threatened to keep the City of London out of EU markets post-Brexit if the UK does not increase access to its waters for the country’s fishermen. France’s European affairs minister Clement Beaune today hit out at the UK’s post-Brexit fishing arrangements, saying there would be “retaliation measures” taken if the UK does not [...]
The EU will sign a post-Brexit deal on financial services, PwC boss predicts, because it ‘needs London’ April 26, 2021 The EU will grant the City of London access to its capital markets and agree a post-Brexit deal on financial services because it “needs London”, PwC has predicted. The financial services sector was left out of the post-Brexit trade deal agreed between the two sides last year, but the Big Four firm is predicting the [...]